Below is The Ranch Corporation's income statement and two balance sheets: The Ranch Corp The Ranch Corp Income Statement for Balance Sheet as at 30 June period ending 30 June 2016 2016 2015 Net sales 100 Inventory 12 8 COGS 16 PPE 320 300 15 Total assets 332 308 Depreciation Electricity expense Interest expense 14 15 Long term loan liabilities 150 150 Taxable income 40 Contributed equity 44 44 Taxes 12 Retained profits 138 114 Net income 28 Total L and OE 332 308 Note: All figures are given in millions of dollars ($m). Which of the following statements about the financial year from 30 June 2015 to 30 June 2016 is NOT correct? Select one: a. The increase in net working capital (ANWC) was $4m. b. The increase in net working capital was positive because in net terms, more inventory was bought rather than sold. c. Net capital expenditure (CapEx) was $20m. 0 d. Net capital expenditure was positive because in net terms, more property, plant and equipment (PPE) was bought rather than sold. O e. Firm free cash flow (FFCF or Cash flow from assets CFFA) was $19m